National Republican. (Washington City (D.C.)) 1872-1888, 1887-06-07
Secretary Fairchld as Capt. Bunsby


Secretary Fairchild as Capt. Bunsby.
Secretary Fairchild has been interviewed
by the Philadelphia Times on the subject of
the surplus in the treasury, and tells how
he could relieve the money pressure II all
tine bondholders would unite with him. Tae
Secretary says;
~ have authority to anticipate interest or to
go into the open market and buy. In the for
mer expedient could anticipate the interest
for one year on s2j0,OOO,OO0 OF lS9l's at 4A per
cent, and S737, 100000 of l997's at per cent.
Tire aggregate would be about $4,000 900,
which would give that amount of relief until
Congress should meet. The authority to pur-
chase bonds in the open market Is subject to
tue manipulations OF speculators. IL they
should run the premium up to an exceptional
rate there would be no propriety in resorting
TO this means Of relief. These bonds are now
6t high rate, in fact, maximum rate"
what would be the difficulty with the first
plan%'
None Mt all with the cooperation of the
holders of the securities, provided they would
accept the payment of interest in advance
The Secretary of the Treasury has no power to
compel them to take the interest in advance
no concern about the surplus for the next five
or six months, fiat all before Congress meets
fthey do not II cannot now he said what 1t
may be necessary to do"
"What do you think of an extra session.
II can only mention what can be dpns to
relieve the country OF any disturbances on ac
count OF too great a surplus OF the current
circulation of the country in the Treasury.
There might be other considerations In the
mind Of the President on the polnt OF an extra
session. l am only saying that there need be
no apprehension of disturbances in the none
tary affairs ofthe people If they will cooperate
in applying the means of relief which the
statutes place in the hands Of the Secretary of
the Treasury. What other reasons mi Sht exist
! cannot say. speak for my own department
only"
These expressions are as lucid and con-
yey about as much information and no
more than was generally obtained from the
predictions Of the oracular Capt Blnsby.
Having disposed of the surplus and an
extra session Of Congress, Capt. Bunsby,
We meant to say Secretary Fairchld, next
gives some equally valuable information(H)
in regard to the repeal Of the tobacco tax
and the excise on whisky. On these sub
jCcts he says:
"Ihe repeal of the tobacco tax seems to have
the lals sest following"
THAT seems to be the fact, although l can
not see what advantage that will be to the
parties who are urging that means of surplus
reduction. 1t will not lessen competition,
which is one OF the points presented by the
grower. As far as have been able to see the
chief source of com petition arises from the fact
tt,,tt Ia Of Don Cul Ia oYtI IAN.
pcctcut produce two or three times as much
to the acre as they do in Virginia. Ed NorE-
Perhaps they use more manurel That Is
purely question of cultivation and cannot be
regulated one way or the other by legislation.
You will see that repeal OF the tax would place
each party in the "ame relative position. The
producers seem to have an idea that repeal Is
the panacea. / don't think so. AS far as the
market is concerned 1t would not increase
that a particle, as no one would be likely TO
use any more cigars or tobacco on that ac.
count"
"Then you don't think that tobacco tax re.
PEAL will bring the relieP'
Not on the question of demand and supply
and that seems 10 be the chief grouad tor ask.
ing repeal"
There is opposition to any change in the
excise on whisky"
which might lead to complications In soma
parts OF the country the manufacture of spirit
has become 50 involved with the flnancia
operations of those sections that it would be
wise to move cautiously on the surjeet. That Is
very difficult and very delicate problem to
handle. The amounts advanced on bonded
spirits run up into the millions or course
that Is no affair of the government rs far as
the private interests ofthe few who took their
chances are concerned, but the consequential
effects must be considered. ] allude TO this
simply as a matter OF precaution. If fanythua
should be done IL would have to be by grddIa!
approaches. make no exception in this par
tcular branch of industry, but that would be
a safe rule as applied to any change in legisla
tion affecting economic interests"
No one can read this without actually
bubblipg over with information. 1t Is at
full Of information as an egg is of meat Of
an empty can of nothing. Knowledg,
fairly bristlos all over It like ''quills upor
the fretful porcupine,n and no one car
plead ignorance on the subject Of th
"tobacco tax" and "the excise on whisky
after reading It.
After these two efforts 1t was to be ex
pected that Secretary Fairchild should
tackle the tariff. Space forbids quoting
much that he said, but we cannot refrai
from giving the following, because Of tn
entirely unknown condition of affair
which 1t reveals;
The subject Of tariff revision has been agi
tated by both parties, and something may b
expected in that line, but what direction
will take remains to be seen. There Is no di:
position to embarrass industry or deprecia.
labor, but, with improvements in machiuer
and skill among our mechanic, there are art
eIes which can be produced at h1me bette
and cheaper than abroad, and has nlreforenc
to the tariff. The tariff Is not perfect by an
means.
Thus speaketh the last successor of Alex
ander Hamilton, Salmon p. Chase, an
John Sherman-a man whom the consttu
tIon authorizes and requires to give hi
financial views direct to Congress, independ
ent of what may be the opinions Of the Pres
dent
Secretary OF the Treasury Fairchild ma